U.S. pay raises at 3% for 2014, survey says

Expect base pay raises of 3 percent next year — same as 2013 and about a percentage point less than what was the norm before the 2007-2009 recession, according to the latest Compensation Planning Survey put out by Buck Consultants, an HR and compensation consulting firm owned by Xerox Corp.

Meanwhile, while companies say employee retention remains a top company priority, this year has seen fewer promotional opportunities, declines in promotional pay raises, and lower short- and long-term incentives, according to survey results. Only about one in five employers surveyed indicated they planned to add workers in 2014.

"This pattern of 2013 results and projections for 2014 suggests that the economy in 2014 will be even more difficult for both employees and employers than the considerable challenges faced during the last several years," according to Buck Consultants.